TD Asset Management Inc Has $83.45 Million Stock Position in Open Text Corporation $OTEX

TD Asset Management Inc lifted its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 19.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,559,128 shares of the software maker’s stock after purchasing an additional 411,131 shares during the quarter. TD Asset Management Inc’s holdings in Open Text were worth $83,453,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of OTEX. Vanguard Group Inc. lifted its position in shares of Open Text by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after buying an additional 229,758 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Open Text by 9.3% during the 3rd quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after buying an additional 765,366 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Open Text by 14.1% during the 3rd quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after buying an additional 406,335 shares during the last quarter. Norges Bank bought a new stake in shares of Open Text during the 4th quarter worth $106,700,000. Finally, Geode Capital Management LLC raised its position in Open Text by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 2,680,546 shares of the software maker’s stock valued at $88,929,000 after purchasing an additional 143,996 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTEX has been the subject of several research reports. Wall Street Zen upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Royal Bank Of Canada dropped their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Barclays increased their target price on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Raymond James Financial lowered their price objective on Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Finally, UBS Group set a $25.00 price objective on Open Text in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Price Performance

Shares of OTEX opened at $23.65 on Friday. The business has a 50-day moving average of $22.92 and a 200-day moving average of $26.82. Open Text Corporation has a 1 year low of $20.00 and a 1 year high of $39.90. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 11.54 and a beta of 1.05. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping the consensus estimate of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the firm posted $0.82 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Open Text Corporation will post 4.05 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 4.7%. Open Text’s dividend payout ratio (DPR) is currently 53.66%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.